A personal loan and a personal line of credit are both useful borrowing options, but they work differently.
Jessica Martel
Jan 16, 2023
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Car Loans for You
It's quick and easy to find the best car loans in Canada with Borrowell! See recommended loans for you based on your credit profile.
Compare Car Loans
What Type of Loan Are You Looking For?
Finally, time to upgrade your car? We'll help find the best car loan for you based on your unique credit profile.
Sign up, get your free credit score and we'll analyze your profile to show you personal loan offers.
Quick & Easy Loan Process
Sign Up & Get Your Score
Sign up and get your free Equifax credit score in just 3 minutes. Your credit score is updated on a weekly basis, and checking your score won't hurt it!
Check Rates & Choose Your Offer
Your credit profile is automatically matched with the best loan products for you. Select your offer and complete the online application through the platform.
Get Your Money
Once you are approved through loan partners, you can usually get access to funds in a matter of days.
Car Loan FAQs
630 is the typical credit score needed for a car loan. When you're applying for a car loan, you'll qualify for the best rates from lenders if your credit score is above 630.
If you have below average credit between 575 and 630, your car loan options may be more limited. If you have poor credit below 575, you’ll have trouble getting approved for regular car loans. You may need to find a lender that specializes in working with individuals with poor credit.
You can use Borrowell to find lenders that match your credit profile, even if your credit score is below 630.
Yes, a car loan can help your credit score. Three main factors that impact your credit score are your payment history (your ability to pay bills on time), your credit history (how long you've had credit accounts open for), and your credit mix (the different types of credit accounts you have open). Managing a car loan responsibly can help you demonstrate a strong payment history, build a long credit history, and diversify your credit mix.
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Awesome! I've been using @Borrowell for quite some time. Amazing concept.
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Just checked my credit score using Borrowell for FREE and without affecting my score! Gotta love Canadian startups.
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